Page 4 - Supervisory Statement News Today

Building Strong And Simple: The First Step - Speech By Victoria Saporta, Given At The Bank Of England Webinar On PRA Policymaking And The Strong And Simple Discussion Paper Date UK is able to take a new approach to regulating banking and insurance services post-Brexit. Vicky Saporta sets out a new prudential regime that is robust enough to safeguard the stability of the UK’s financial system. She describes our approach to international markets as open, yet safe. Then she talks about our ...

  Charlotte Gerken talks about the supervision of annuity firms in the UK. This work is done by our Prudential Regulation Authority. She examines the matching adjustment (MA). In particular, the calibration of the fundamental spread and the application process for MA. She says annuity firms will continue to get significant supervisory challenge from the PRA. Speech Thank you to Westminster and City for inviting me to speak at your bulk purchase annuities conference. At the time the 2020 confer...

FCA Q1 2021 financial promotions quarterly data On 6 April, the FCA published its first financial promotions quarterly data showing the number of financial promotions that have been amended or withdrawn due to non-compliance with its rules in Q1 2021. The FCA reviewed 441 financial promotions identified through complaints it has received and its own proactive work. 38 cases resulted in 105 promotions being amended or withdrawn. 75% of these amend/withdraw outcomes related to either website or s...

Brexit HoL EU Services Sub-Committee report on trade in services On 24 March, the HoL European Union Committee published a new report on UK-EU trade in services. The report concludes that despite the agreement of the Trade and Cooperation Agreement (TCA), the UK and EU still have work to do in overcoming the significant challenges that remain for trade in services. The report focuses on the implications on sectors including: (i) financial services, the TCA does not include substantive provision...

To embed, copy and paste the code into your website or blog: The European Supervisory Authorities (ESAs) have published a Supervisory Statement to clarify the application of the Sustainable Finance Disclosure Regulation (SFDR) 1 in anticipation of the requirements applying in the European Economic Area (EEA) from 10 March 2021. The Supervisory Statement does not impose new requirements on financial market participants and advisers, but confirms the industry approach to using the draft Regulato...

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Key developments of interest over the last month include: • United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on consumer protection in interbank payments. • India: The government is planning a cryptocurrency bill with the aim of establishing a framework for the creation of an official digital currency to be issued by the Reserve Bank of India. • United Kingdom: The FCA is con...

To print this article, all you need is to be registered or login on Mondaq.com. The 2015 United Nations climate change summit in Paris (COP21) saw the first ever agreement under which virtually every country, including the UK, pledged to constrain their greenhouse gas emissions, with the aim of keeping average temperature increases well below 2˚C above pre-industrial levels. Globally, there has been an increasing recognition by central banks and financial services regul...

Recent regulatory developments focussing on banking and finance.  Contents End of Brexit transition period: BoE and SRB cooperation arrangement MREL and resolvability for mid-tier banks: BoE extends deadline MREL: BoE discussion paper CRD V implementation and designation of firms within certain consolidation groups: PRA PS29/20 International banks: PRA CP2/21 on approach to branch and subsidiary supervision Transposing BRRD II: PRA PS28/20 LIBOR transition: Working Group paper on credit adjust...

To embed, copy and paste the code into your website or blog: Recent regulatory developments of interest to insurers and their intermediaries. See also our General regulatory news in the Related Materials links. Contents General insurance pricing practices: FCA Q&A COVID-19: FCA information on flood and storm claims COVID-19: EIOPA consults on ORSA supervisory statement End of Brexit transition period: Lloyds underwriters trading rights Cyber risk underwriting: IAIS report on challenges and supe...